For over 10 years, Conga has been helping organizations to streamline the creation of documents and contracts, and simplifying the way they manage customer data.
And what we’ve learned over the past decade is that continuing to rely on manual, paper-based processes will lead to inefficient and ineffective use of employee time, and ultimately results in a poor customer experience. Now more than ever, if your contracts are not fully digitized, automated, and connected, your company is opening itself up to unnecessary risks and liabilities. This can also lead to your company finding itself on the hook for unfavorable terms that could cost money, reputation, and future business opportunities. Using AI to analyze data is the future of smart business practices.
Operating at the speed of business through digital transformation
Contracts are mission-critical for businesses—but for many organizations, managing contracts is a daily struggle. It’s hard work to have a holistic view of all of your contractual commitments.
For example, lawyers have to deal with large amounts of paperwork with limited time to get all of their work done. They might have to recall information from some contract that was signed months—or even years—ago. Or they might find themselves comparing third party paper to historically-signed contracts to ensure compliance, or reevaluating each contract in their repository when new laws like GDPR are created to see which are implicated. All of these tasks are somewhat manageable at 300 contracts, but if you’re dealing with 40,000 it’s nearly impossible.
If you don’t know what data is inside your contracts, and you aren’t tracking it in a methodical way, it may result in up to 15 percent of contract leakages, which can be detrimental to your business. Enterprise data is doubling every 90 days, and the majority of that data is unstructured, further exacerbating these problems.
Legal teams often struggle to keep up, and are spending too much time on rote tasks and highly repetitive work. Today’s legal and contract teams need a tool that is designed to keep up with the speed of business.
Reviewing contracts just got easier with AI Analyze
That’s why we are extremely excited to announce a revolutionary new product built for general counsel and contract professionals that will shape the future of contract management. Conga AI Analyze is built to digitally transform the way businesses manage contracts and third party paper—all at the speed of business. Starting today, organizations of all sizes, across any industry, can use this new innovation to deliver a faster, more accurate, and modern way to quickly identify and manage key contract clauses and terms.
Conga AI Analyze leverages artificial intelligence (AI) and machine learning (ML) to extract data from contracts, bringing unprecedented efficiency to contract management, due diligence, and lease abstraction. With Conga AI Analyze you can:
- Save valuable time: Automate many common, tedious tasks, and manual contract analysis. Why spend precious time and expensive legal resources on re-reading contracts when you can use cutting edge technology to augment the workforce and allow these routine tasks to be completed faster and more accurately than ever before? Now you don’t have to choose.
- Ensure compliance: Identify contracts in process that don’t comply with best practices. With Conga AI Analyze, you can make your contracts even smarter by automatically identifying clauses and potential risk before it becomes a problem.
- Gain visibility: Contracts are at the heart of your business. Use Conga AI Analyze to find and organize the most important details inside those contracts. Get faster insights into key contract facts and figures, contract milestones, and obligations from legacy and third party paper.
- Share insights: Ensure this critical information is available in key systems of record, such as contract lifecycle management (CLM), customer relationship management (CRM), or enterprise resource planning (ERP) systems to automate many back office functions and make smarter business decisions. Enable your business to respond faster than ever to customer requests with up-to-date, accurate, and tailored information.
Reimagining work in the age of Artificial Intelligence (AI)
Companies like Workspace Property Trust are already taking advantage of the power of AI, showing how any organization can vastly improve business results and deliver significant operational and financial gains.
By using Conga AI Analyze they were able to review contracts in seconds, doing work that once required, on average, an hour of review per contract by lawyers. Conga AI Analyze has also helped to reduce human errors in interpreting thousands of new leases per year.
Together, Workspace Property Trust and Conga AI Analyze prove how real estate organizations can use key AI technology to reimagine the way their employees work, the way they manage mission-critical contracts, and ultimately deliver a better experience for customers.
Digitally transform the way you do business
Conga is at the forefront of developing the latest technology to offer innovative solutions that will enable any company to deliver a better customer experience, enable employees to work smarter, and optimize business operations.
With Conga AI Analyze, Conga continues to expand on its vision of making business professional’s lives easier with contract management tools designed for a productive, efficient, and digitized business processes.
If you’re ready to take advantage of AI, we’ll help you apply it to your digital document transformation. Reach out today to take your contract management to the next level. You can also join us for a webinar on Thursday, May 9 to learn more about this powerful new solution.